What started the financial crisis in Greece?

The Greek financial crisis has been one of the most important stories of the summer, but it’s also one of the most complicated. How did they end up in such crippling debt? Why did the European Union offer a deal to Greece that doesn’t offer a way for them to restructure their debt? And how are the people in Greece handling the ongoing problem...and what happens next?

TheBlaze's Dan Andros and Jason Buttrill explained the crisis on Wednesday's Glenn Beck Program:

Below is a rough transcript of this segment:

Dan: Hey, Dan Andros here, head writer for TheBlaze, along with Jason Buttrill, chief researcher here at TheBlaze. Greece is just a big, fat mess, and so we’re just going to go through and try to explain it for you really quick. Basically here’s the situation, Greece defaulted. We all saw that in a news, and they went to go vote on an austerity bailout package, and they voted against it. They wanted to keep their goodies, and they didn’t want anything to do with that, so they voted against it. The Greek PM goes back in and ends up taking a deal, so now everyone’s kind of scratching their heads, they don’t really understand what’s going on. So, we’re going to go through and try to explain it in just a quick couple steps. First step, easy way to understand it, the 2008 subprime crisis.

Jason: 2008 subprime mortgage crisis is basically what kicked off this global financial pandemic. During the subprime mortgage crisis, we had irresponsible lenders and irresponsible borrowers, so basically you had people applying for loans that had no business applying for those loans, but the lenders had no business even issuing those loans in the first place. They were loans that eventually since they had adjustable rates, they were going to continue to go up and up and up, so these people had no chance of ever paying these loans off.

Dan: Right, and they didn’t care. They saw the quick buck, so they didn’t care. They just went for it.

Jason: Exactly, and the lenders saw dollar signs and dollar signs that were going to continue to come and continue to come, and if they didn’t, they would just go bankrupt anyway. Back in 2010, during the first bailout, Greece had a national debt of 130% more than their GDP. Put that into perspective. So, let’s say you are making $2000 a month. Now, what if you had bills that were more than 2000 a month? There’s no way you’d qualify for a loan. No lender in their right mind would grant you a loan, but the EU and the IMF granted those loans to Greece.

Dan: And they had no chance of paying it back.

Jason: They had no chance of paying that back. So, basically Greece was that 2008 loan applicant that wanted something so badly that they didn’t care about what the ramifications were down the line. They figured we’ll get around to it later. The EU were those irresponsible lenders that were willing to make that loan because they knew that there was no chance that person would ever be able to get out of debt.

Dan: So, they signed this debt deal, so what does this thing actually do?

Jason: Basically he went completely reverse on what he asked his people to do. He asked his people to forget the deal, the austerity deals, to begin with and to move forward so he could upend the system so they could eventually leave the euro and leave the European Union altogether. He made this deal that fully gave up controls to their banks, fully gave up control. Now, specifically Germans, but members of the EU, they can make decisions on whether to close banks, whether to grant loans, how to adjust their interest rates, everything. They make all of those calls basically from Berlin.

Dan: So, basically what’s happened here is they’ve lost a choose chunk of sovereignty. Basically Germany is their daddy, and they get to do whatever they want to do to them. So, they know they can’t pay off this debt. They know they can’t pay it off, so all it’s about is control.

Jason: They’ve lost the ability to say how do we run our government? They could actually tell them we don’t like how you use the Parthenon and how you tie that to the government with tourism. We want to own that’s, so actually we’re privatizing that and taking it over. Imagine the Parthenon being owned by a German company from Berlin. That is now completely possible, and the Greeks can’t say a thing about it.

Greece is now on the verge of becoming a straight up occupied country, occupied by the European Union. Talk about never being able to repay this debt, the IMF straight up came out and said that there’s no way the Greeks will ever be able to pay off this debt. They can’t do it. So, if they continue along these current lines, they’ll never be able to pay it off. The only way they said is if they restructure the deal, but they didn’t restructure the deal. That was not a part of this new deal that the Greek Prime Minister agreed to. Restructuring was not in it.

The only way they can do it is if they restructure it, so why would the European Union offer a deal basically that doesn’t give them an out, that doesn’t give them a way to eventually pay off their debt? Just like we said, it’s all about control. It’s all about the EU, German, more specifically, tentacles going further and further into some of these countries, countries that cannot pay off their debts, and now they’re occupied.

Dan: So, how do the people there in Greece feel about it? I think what many here in the states don’t understand is the mentality of the people in Greece. I mean, they just had an election, and the people they voted in, you hear often that it’s austerity and that it’s these right-wingers, but they’re not really right-wingers at all.

Jason: The people of Greece, the way they feel about it is they’re tired of it. Now, again, as we’ve said, they’re just as at fault as the EU is, the people that they’re blaming on this. But they wanted to upend the system, so what did they do? They went and voted in a party, the Syriza Party, that they thought was going to upend that system, that was finally going to say no more, we’re not going to go along with what the EU wants anymore, we’re going to do our own thing. So, they voted in the Syriza Party. Who exactly is the Syriza Party? Who did they give the mandate to do this?

They’re all malice. They’re Marxist-Leninists. They’re communists. They knew they voted in the people that had the ability and had the same mentality that was going to start a revolution, and it’s all about revolution. Since the days of the Soviet Union, that’s always been the goal of this type of government is to start a revolution here, and from there it’s going to spread like wildfire. We’ve actually seen that tinder spreading through the rest of the EU.

Dan: So, now we’ve got a bunch of revolutionaries here in power, and this is like their dream scenario. They’re hoping to get out of there, abandon their debts, and basically hit the restart button.

Jason: And that has huge consequences. If the rest of Europe all of a sudden has a restart button and they can just have all of their debt restructured, what does that say to the lenders? What does that do to basically Germany? What does that say to countries like that? They’re now stuck with all of these unpaid debts.

Now that these countries are considering departing from the EU, will we see a rebirth of nationalism? That’s what the European Union was formed to get away from, but now that that’s all coming down and the dominoes are about to start falling and more and more countries are going to look for that same out that Greece is now about to take, will we see a rebirth of nationalism? Will the old days of Europe, the 1930s era of Europe, will that suddenly become our reality?

Dan: Only time will tell, but as the times get tougher and people’s backs get pushed up against the wall, we’re going to see the answer sooner than later.

Featured Image: The Euro logo is pictured in front of the former headquarter of the European Central Bank (ECB) in Frankfurt am Main, western Germany, on July 20, 2015 as Greece has begun making a 4.2 billion euro ($4.6 billion) payment due to the ECB as well as outstanding sums due to the International Monetary Fund (IMF) according to a ministerial source. The transfer was made possible by a short-term "bridge" loan of 7.16 billion euros granted by the European Union on July 17, 2015. Photo credit should read DANIEL ROLAND/AFP/Getty Images

Here are 5 RIDICULOUS moments from the Davos summit

Dimitrios Kambouris / Staff, FABRICE COFFRINI / Contributor, JOSEPH EID / Contributor | Getty Images

Glenn has been warning about the dangers of the World Economic Forum and The Great Reset, which is the WEF's goal to utilize the crises like the COVID pandemic to create a leftist Utopia. Now, these goals continue to take shape at the World Economic Forum summit in Davos. Here are five ridiculous moments from this year's summit that shed light on their ultimate vision Glenn has been warning about.

1. Ex-CNN host Brian Stelter hosts the WEF panel on "disinformation," calling for the criminalization of "hate speech" in the U.S.

The former host of Reliable Sources was fired from CNN in 2022 for raking in the network's worst ratings since 2019. CNN's CEO at the time, Chris Licht, accused Stelter of "drawing ire from conservatives" for misrepresenting the facts and propagating false narratives to demonize conservatives. Licht fired Stelter because he was a liability to CNN's attempt to "re-brand" itself as a "reliable" news source.

You would think the World Economic Forum could have found a more credible host for its "disinformation," than Brian Stelter, and it comes with little surprise Stelter's panel called for the continued censorship of conservatives.

Stelter asked his panel, "How does this discussion of disinformation relate to everything else happening today in Davos?"

Vice-President of the European Commission Vera Jourová answered "illegal hate speech" from right-wing extremists, and then called for the criminalization of hate speech in the U.S., asserting, "I think that we have a strong reason why we have this in the criminal law" within the EU.

As former Trump advisor Stephen Miller pointed out, Stelter's refusal to further challenge Jourová's call for censorship is indicative of his failed career as a journalist.

2. Al Gore warns of "rain bombs," "boiling oceans," and "xenophobia" as a result of climate change.

Gore's speech "speaks" for itself...

After asserting that we're creating an "open sewer" in the troposphere, Gore exclaimed:

That’s what’s boiling the oceans, creating these atmospheric rivers, and the rain bombs, and sucking the moisture out of the land, and creating the droughts, and melting the ice and raising the sea level, and causing these waves of climate refugees!
Watch the latest video at <a href="https://www.foxnews.com">foxnews.com</a>

Speaking of refugees, Gore blamed the mass migrations of people on... you guessed it... climate change! Of course this leads to "xenophobia" and "fascism," so if we hate "xenophobia" and "fascism," we need to stop climate change IMMEDIATELY. Plus the rain bombs...

Does this sound reminiscent of the "Man-Bear-Pig?"

Courtesy of South Park

3. Siemens AG Chairman Jim Hagemann urges for 1 million people to NOT eat meat—predicting a "meatless future."

It wouldn't be a World Economic Forum summit if bugs didn't take center stage. Siemens AG Chairman Jim Hagemann said he was inspired by his 24-year-old daughter to stop eating meat to fight climate change and urged one million people to stop eating meat to balance out jet emissions—like the jets his fellow attendees used to travel to the conference?

Here's what he said:

If a billion people stop eating meat, I tell you, it has a big impact. Not only does it have a big impact on the current food system, but it will also inspire innovation of food systems."
Watch the latest video at <a href="https://www.foxnews.com">foxnews.com</a>

Of course, finding "alternative sources of protein" means... you guessed it... BUGS. The EU is already cutting down on cattle farms and promoting the building of insect farms to initiate this "protein transition."

4. John Kerry calls Davos attendees a "select group" with an "almost extraterrestrial" plan to save the planet.

Kerry's opening speech at Davos shows the type of elitism the attendees believe about themselves. They are the "special ones" who can gather at a Swiss resort town to discuss how to "save the planet" and the "little people" who are too ignorant to have a say in the matter. His words speak for themselves:

When you start to think about it, it's pretty extraordinary that we — select group of human beings because of whatever touched us at some point in our lives — are able to sit in a room and come together and actually talk about saving the planet [...] I mean, it's so almost extraterrestrial to think about saving the planet [...] f you say that to most people, most people think you're just a crazy, tree-hugging, lefty liberal, you know, do-gooder, or whatever, and there's no relationship. But really, that's where we are.
Watch the latest video at <a href="https://www.foxnews.com">foxnews.com</a>

Well, not everyone was amused...

Businessman and conservative Tim Acheson called Kerry’s words, "Liberal delusions of grandeur." Jordan Peterson also tweeted, "Who are you going to sacrifice to save the planet, @JohnKerry -- and do you think and how will you ensure that they have any say in the matter?"

5. Davos attendees traveled on more than 1,000 private jets to the conference.

Greenspace, an environmentalist research group, estimates the total emissions used by Davos attendees on their private jets while traveling to the conference is equivalent to "about 350,000 average cars."

Greenspace also found that 53 percent of all private jet trips were short-haul flights of less than 470 nautical miles that "could have easily been train trips." This comes amid the EU's push to ban short-distance flights and opt for train travel instead, which many continue to point out.

Closing thoughts

What once sounded like conspiracy theories are now taking shape amongst the global elites at Davos. As Glenn continues to shed light on the dangers of the World Economic Forum, here's how YOU can fight back against their goals that threaten our freedoms and democracy.

In honor of the World Economic Forum summit in Davos, we would like to resurrect this gem from Glenn's Instagram archive. If "the Great Reset" doesn't work out, Schwab should consider reaching out to the Bond franchise for a Plan-B career.

Be sure to follow Glenn on Instagram for more!

This is part of our ongoing series on "The Great Reset." To read similar content, click here.

PROOF the World Economic Forum wants you eating... BUGS!

EasyBuy4u, PeopleImages, TeoLazarev | Getty Images

As the World Economic Forum continues to meet in Davos about building a more "sustainable" future, Glenn's warning on a seemingly outlandish sustainability goal is becoming reality: eating bugs!

In its 2023 Global Risks Report, the World Economic Forum called for the "transition to net-zero, nature-positive food" to fight "food insecurity." In other words, the WEF imagines a future with minimal meat and maximum "zero-emissions food"—like bugs—as consumers' main source of protein. This is a part of "the Great Reset," the agenda proposed by the World Economic Forum in 2020, urging leaders to take advantage of the COVID-19 crisis to restructure the "world order" to bring about a leftist Utopia.

SHOP: Trigger leftists and amuse your friends with 'Eat Ze Bugs' socks (while supplies last)

Major news outlets like the BBC have promoted insect farms as a sustainable food source to "reduce the reliance on everyday meat eating."

Courtesy of the BBC

So what's the big concern about eating bugs? As the video points out, many cultures throughout the world have been eating insects for centuries—many consider them a delicacy! The issue with the WEF's push for insects isn't merely the option to eat bugs. If someone wants to munch on some grasshoppers, nothing is stopping them! The major concern is the way in which the WEF wants to mandate insect consumption, and, consequentially, destroy the beef industry.

According to the same 2023 Risk Report, the WEF calls for "radical policy measures" to bring about the food transition to zero-net-emissions food, like insects. This means imposing such a burden on the dairy and cattle industries that it renders them impossible to function, paving the way for a new insect industry.

In the Netherlands, the EU's largest food exporter, the government is forcing the farmers to sell their land to the state unless they reduce the amount of nitrogen fertilizer used. However, without nitrogen fertilizer, it is nearly impossible for the farmers to produce enough food to feed the nation, not to mention turn a profit. Moreover, without nitrogen fertilizer, it will be impossible for cattle farmers to produce enough food to feed their cows. This is an impossible burden for farmers to bear, and they often capitulate and sell their land to the government, paving the way for a burgeoning insect industry. Is it any coincidence the EU is pushing for insects as a means of "food sufficiency" and combatting climate change?

If you think eating insects is a novel issue from across the pond, think again. There is a growing push for a "beef tax" in the U.S. to disincentivize beef consumption and incentivize alternative "sustainable" protein sources...like bugs. According to 2021, data, U.S. beef is a 79-billion-dollar-per-year industry, employing million across the U.S.'s 700,000 cattle farms. These stats don't even include the U.S.'s dairy industry. If the global environmentalists have their way, this major U.S. industry will be wiped out, wreaking havoc on our economy. Yet this government control over the "everyday person's" consumption is all too tantalizing.

As the World Economic Forum convenes in Davos to discuss how to achieve their "sustainable utopia," Glenn continues to advocate for the free market and the ability to choose our own consumer goods, rather than giving global elites the power to consolidate and mandate their "approved goods" for widespread consumption. Though consuming insects may seem like an outlandish idea that has no impact on our daily lives, it is a part of a larger movement to control our way of life to achieve a more sustainable future, threatening both our economy and our basic freedoms.

This is part of our ongoing series on "The Great Reset." To read similar content, click here.

Beto's BACK! And now he's imparting all of his PRICELESS wisdom to the next generation...

Drew Angerer / Staff, Jacob Boomsma | Getty Images

Since November, Americans have been on the edge of their seats wondering just what will Beto O’Rourke do next? How will he follow up losing a U.S. Senate race, dropping out of the U.S. presidential race, and then losing the Texas governor’s race? How do you top a trifecta like that?

Well, now we finally know the answer. He’s going to be a professor this semester at the University of Chicago. And not a moment too soon. Professor Beto will be teaching college students about Democracy… which is a terrifying idea.

Fortunately, we got our hands on an advanced copy of Professor Beto’s course syllabus…

Syllabus

Course Title:

Failing Upward 101: How to Succeed in Life Without Really Trying

Session 1

Cultural Appropriation: Why It’s Wrong and Why You Should Also Try It

Session 2

Converting White Guilt into Cold Hard Cash

Session 3

Marrying Wealth: The Underrated Value of Money Over Love

Session 4

Ensuring a Woman’s Right to Choose Abortion Every Time

Session 5

Campaigning as a Career Path (Special Guest Lecturer – Stacey Abrams)

Session 6

Effin’ Fundamentals: Winning Techniques for Swearing Good

Session 7

Squirrels Are People Too: Animal Rehab as Spiritual Discipline

Session 8

Abolishing Republicans in Our Lifetime: Gulags and Other Viable Options

Session 9

The Subtle Art of Caring Too Much: Why Socialism Rocks!

Session 10

Style Over Substance: My Foolproof Life Hack